NZDJPY: 70.00 Support and Possible Trade Opportunities
The price reached 70.00 support zone. The price action in this zone will be able to give us a trade opportunity. If the price bounces, it will be a possible buy opportunity with stop orders below 70.00 and profit targets at 72.00 resistance and the downtrend line. Search for buy signals using the hourly timeframes.
If the price breaks the support zone, it will be a bearish signal and a sell opportunity based on it. Also, I would like to sell using the hourly timeframes as they will be able to give a better risk-reward ratio.
So, what to do now? It is the right time to do nothing in this market and wait for additional signals confirming bullish or bearish direction.
If we look at RSI and MACD, we can say that probably the upward movement will be more logical. But DMI is bearish, and it confirms the strength of sellers. Will the support zone hold the market? If yes, we will see the upward movement where RSI and MACD will support it.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the support zone, it will be a bearish signal and a sell opportunity based on it. Also, I would like to sell using the hourly timeframes as they will be able to give a better risk-reward ratio.
So, what to do now? It is the right time to do nothing in this market and wait for additional signals confirming bullish or bearish direction.
If we look at RSI and MACD, we can say that probably the upward movement will be more logical. But DMI is bearish, and it confirms the strength of sellers. Will the support zone hold the market? If yes, we will see the upward movement where RSI and MACD will support it.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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